President Biden Signs CHIPS Law Into Act

President Biden signed a new bill into law today. The CHIPS and Science Act of 2022 aims to improve competition with China by strengthening U.S. manufacturing, supply chains and national security as well as investing in research and development, science and technology. The bill will allocate $52 billion for semi-conductor research, development, manufacturing and workforce development and provide billions more in tax credits to incentivize chip manufacturing investments. The Senate passed the bill last Wednesday with a 64 to 33 vote and the House approved it on Thursday with a vote of 243 to 187.